Israel Inflation April 2017

Israel: Inflation edges down in April

May 15, 2017

Consumer prices grew 0.2% in April compared to the previous month (March: 0.3% month-on-month), mainly due to higher prices for fresh fruit, clothing, culture and entertainment.

Inflation came in at 1.8% in April, which was below March’s 2.0% figure. The annual average variation in consumer prices was 0.8% in April, above March’s 0.5%. The Central Bureau of Statistics changed the base year for inflation from 2014 to 2016, which resulted in a sizeable upward revision of the inflation figures.

Core inflation, which excludes volatile items such as oil and vegetables, increased 0.6% on an annual basis in April, matching March’s reading.

FocusEconomics Consensus Forecast panelists expect inflation of 0.7% in 2017, which is unchanged from the previous month’s forecast. For 2018, the panel expects inflation to average 1.4%.

The Bank of Israel’s Composite State of the Economy Index increased 0.28% over the previous month in October, edging up from a revised 0.25% expansion in September (previously reported: +0.26% month-on-month).

A first estimate of national accounts data for the third quarter, released by the Central Bureau of Statistics (CBS) on 18 November, showed that the economy accelerated from Q2’s revised 1.2% quarter-on-quarter expansion at a seasonally-adjusted annualized rate (SAAR) to 2.3% in Q3.

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